ACCT101 Homework 1 1. 2. 3. 4. 5. 6. 7. 8. 9.

60% False False (reported at historical cost, not market value) $37,529 35% $7,453 $3,192 $1,240 $0

For the Contributed Capital question, Pete and I think its just common stock under shareholders equity. So $13,331 10. Unqualified/unqualified (choice 4) 11. Assets = 228,197, Liabilities = 117,399, Equity = 110,798 Sales: $109,710 Supplies expense: $63,912 Interest expense: $10,000 Net income: $35,798 Cash: $150,903 Accounts Receivable: $77,294 Supplies: $0 Assets: $228,197 Notes Payable: $100,000 Interest Payable: $10,000 Deferred Revenue: $7,399 Liabilities: $117,399 Capital stock: $75,000 Retained earnings: $35,798 Owners Equity: $110,798 Liabilities + OE: $228,197 12. $391,274 13. Debit to rent expense for $89,339 14. +$30,000 15. Office Supplies Expense was $18,200 16. III only 17. $1460 18. $215 This question should be asking about inventory. Pete and I calculated the answer to be $670, so I selected none of the above

If pre-paying: 1. Debit Prepaid Rent, credit Cash (explicit transaction) 2. Debit Rent Expense, credit Prepaid Rent (adjusting entry) If accruing payment: 1. Debit Rent Expense, Credit Accrued Rent Payable (adjusting entry) 2. Debit Accrued Rent Payable, credit Cash (explicit transaction) Rent Expense: ($145) Change in Prepaid Rent: $50 Change in Rent Payable: ($20) 19. 165